Insurance Regulatory and Development Authority

Re: Insurance Information Bureau (IIB)

For efficient functioning of the insurance sector companies as well as for the protection of the interests of the policyholders, it is necessary that reliable, timely and accurate data is collected, processed and disseminated by an independent body.

The Insurance Regulatory and Development Authority (IRDA) being the regulator is having necessary access to the data related to insurance business in the country. Hence it becomes the duty of the regulator to ensure that the available data is processed in such a fashion that it is useful for the various market players, researchers, policyholders as well as the common public at such intervals that it will be helpful for real-time decision making.

It is also essential for IRDA to undertake this activity through an advisory body consisting of representatives of the industry, experts in the insurance domain as well as in information technology as the data so produced by such a body will have necessary public confidence.

In view of the above and in order to fulfill the statutory mandate as enunciated in Section 14 (2) (1) (e) of the IRDA Act, 1999, the Authority hereby constitutes Insurance Information Bureau (IIB) with the following membership:

1. Chairman, IRDA - Chairman

2. Director General (R & D) - Vice Chairman

3. Executive Director (Admn) - Member – Convener

4. Secretary General, Life Insurance Council - Member

5. Secretary General, General Insurance Council - Member

6. Prof. Arun K Pujari, Dean, University of Hyd - Member

7. Prof. H Krishnamurthy, PRO, Indian Inst of Science - Member

8. Dr. B C Jinaga, Professor, JNTU - Member

9. One Representative from the life Insurance - Member

(to be nominated by Chairman on annual rotation basis)

10. One Representative from the non-life Insurance - Member

(to be nominated by Chairman on annual rotation basis)

In exercise of powers conferred on the Authority under section 14 of IRDA Act, 1999 it is ordered that the Bureau be authorized to obtain, process and disseminate the data of insurers as provided in various regulations and the Data Policy annexed to this Order.

Ø The Bureau will function as the advisory body for IRDA by providing necessary inputs for policy research and development activity.

Ø The Bureau, in addition will also function as a single point official reference for the entire data requirement on insurance sector.

Ø All the necessary decisions regarding processing and disseminating of the data will be done as per the policy laid down by the Bureau.

Ø The staff and officers of the Bureau will be on deputation from IRDA and functional duty allotment will be done by the Bureau.

Ø The Bureau may delegate any of its regular functions to any officer of the Bureau as found suitable.

Ø The Bureau shall ensure that the data obtained, processed and disseminated shall not breach business confidentiality and that the dissemination of data is done in such a fashion that the competition in the sector is not affected by asymmetry of information.

Ø The Bureau shall ensure that the data policy as annexed to this order is strictly implemented in letter and spirit.

Ø The Bureau is also directed to procure, install and utilize necessary data management systems to ensure confidentiality, precision and the speed necessary for implementing the policy.

Ø The Bureau may decide upon the necessary policy on pricing of various data products produced by it.

Ø The accounts department of IRDA shall maintain separate account of revenues and expenses of the Bureau and provide the necessary funds as per the budget prepared by the Bureau and approved by the Chairman, IRDA.

Ø The rules of business of the Bureau may be decided by the Bureau in its first meeting and amend them subsequently as found necessary.

Ø The Bureau shall give annual report of its functions to the IRDA by 30^th June every year.

Sd/-
(J Hari Narayan)
Chairman